Crypto Project Backed by Trump Debuts WLFI Token for Accredited Investors
Donald Trump has officially launched World Liberty Financial, a new cryptocurrency initiative, during a live event on social media platform X.
The project, which aims to disrupt the lending market, will introduce a governance token called WLFI. Participation in the WLFI token sale will be limited to accredited investors due to regulatory concerns.
During the announcement, Trump highlighted the potential of cryptocurrency, stating, "Crypto is big and yet itâs a fledgling compared to what it will be." He noted that his interest in the crypto space began with his NFT projects, which have reportedly generated over $7 million in revenue.
Trump Jr. and Eric Trump were also present, emphasizing the need for innovation in decentralized finance (DeFi).
The WLFI token will allocate 63% for public sale, 17% for user rewards, and 20% for team compensation. This initiative seeks to combine the best aspects of DeFi with accessible financial solutions for everyday consumers.
Dough Finance co-founders, who are involved in the project, aim to provide liquidity and returns on stablecoins like USDC and USDT.
The project has faced scrutiny, with some analysts expressing concerns about its implications for crypto regulation. TD Cowen's Jaret Seiberg warned that the Trump family's crypto venture could complicate bipartisan efforts to establish a regulatory framework.
Since May, Trump has shifted his stance on cryptocurrency, accepting it as a form of campaign donation and expressing intentions to make the U.S. a leader in the crypto space.
He also spoke at the Bitcoin 2024 conference, pledging to take a firmer stance against current SEC regulations.
